Henry Rearden Is Saving for Retirement and Has Determined That

question 63

Multiple Choice

Henry Rearden is saving for retirement and has determined that to live comfortably he must save $3 million by his 65 birthday.Henry just turned 30 today,and he has decided that starting today and continuing on every birthday up to and including his 65th birthday,he will deposit the same amount into an individual retirement account (IRA) .If Henry can earn 8% on his IRA,then the amount he must set aside each year to make sure that he will have $3 million in his account on his 65th birthday is closest to:

• A) $16,035
• B) $17,410
• C) $83,335
• D) $85,715

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Definitions:

Essential Amino Acids

A group of amino acids that the human body cannot synthesize on its own and must be obtained through diet; crucial for various bodily functions.

Dispensable Amino Acids

Amino acids that the body can produce on its own and does not need to obtain from the diet.

Triglycerides

A type of fat (lipid) found in your blood that the body uses for energy; high levels can increase the risk of heart disease.

Nasoenteric Tube

A tube inserted through the nose that extends into the stomach or small intestine, used for feeding or administering medication to patients unable to eat by mouth.